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Questions and Answers
Which type of tax is levied directly on an individual or entity's income?
Which type of tax is levied directly on an individual or entity's income?
- Income tax (correct)
- Value-added tax
- Property tax
- Excise tax
What is the scope of agricultural income as per the Income-tax Act, 1961?
What is the scope of agricultural income as per the Income-tax Act, 1961?
- Income from agricultural machinery sales
- Income from farming and related activities (correct)
- Income from agricultural tourism
- Income from investments in agricultural land
Which term refers to the period for computing income chargeable to tax under the Income-tax Act, 1961?
Which term refers to the period for computing income chargeable to tax under the Income-tax Act, 1961?
- Fiscal year
- Financial year
- Assessment year (correct)
- Tax year
What is the main difference between direct and indirect taxes?
What is the main difference between direct and indirect taxes?
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When would income of the previous year be assessed to tax in the previous year itself?
When would income of the previous year be assessed to tax in the previous year itself?
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What does Article 366(28) of the Indian Constitution define as 'Taxation'?
What does Article 366(28) of the Indian Constitution define as 'Taxation'?
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What is the main difference between direct taxes and indirect taxes?
What is the main difference between direct taxes and indirect taxes?
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What are the two types of taxes mentioned in the text?
What are the two types of taxes mentioned in the text?
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Why are taxes levied according to the text?
Why are taxes levied according to the text?
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Which type of tax is Goods and Services Tax (GST)?
Which type of tax is Goods and Services Tax (GST)?
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